The head of the Philippine gaming regulator said the decision of online gaming provider 1888BET to move its operations back to the Philippines was a “vote of confidence” in the country’s iGaming framework and growth potential.
“188BET’s move is a very positive response to our call for gaming investors to come to the Philippines,” said Alejandro Tengco (pictured in a file photo), chairman and chief executive of the Philippine Amusement and Gaming Corp (Pagcor), in a Friday statement.
The online gaming provider announced earlier this week the decision to move its operations and licence from the Isle of Man, in Europe, to the Philippines.
The online brand 188BET is currently operated by Cube Ltd and licensed by the Isle of Man Gambling Supervision Commission. On March 19, “Cube Ltd will surrender” its licence in the Isle of Man “and the business of 188BET will be operated by a new Philippines-based company,” stated the provider in a release.
The new operating entity, BestCommerce Corp, is licensed and regulated by Pagcor. 188BET used to be based in the Philippine capital, Manila, but it moved out of the country during the term of the previous government.
Pagcor’s statement quoted Mr Tengco as saying that 188BET’s return was “a huge vote of confidence for the country as a regulatory haven, and this is precisely what Pagcor is working hard at.”
“We would like to assure 188BET and other potential investors that PAGCOR shall continue to be fair to everybody, and that there will be a level playing field with a predictable and dependable regulatory framework,” the Pagcor chief added.
Mr Tengco also said the Philippine gaming industry “can expect sustained growth in the next five years, with at least one integrated resort (IR) opening every year beginning this year in Quezon City, to be followed by new IRs in Cebu, Clark and other equally strategic locations.”
“We shall also continue lowering our licence fees and modernising our systems to help realize our vision of making the Philippines the gold standard in gaming in the Asia-Pacific region,” he stated.
Mr Tengco also reiterated that the process for Pagcor to end its casino operating functions and to focus on regulatory work would be completed within five years, with the agency becoming an“entity dedicated to overseeing growth and attracting more investments” to the sector.
